Sahaj Agrawal
Sahaj Agrawal
Short-term technical indicators have entered overbought territory, suggesting markets may consolidate
Given the sharp rally in the last few days and midcaps experiencing a fatigue, Nifty is also likely to take a breather and undergo a consolidative phase
Nifty staged a sharp rebound post Monday's gap-down, with the multi-support zone at 21,800-21,700
A breakout above 23,350 could fuel further upside towards the 23,700-23,800 range, said analyst at Kotak Securities
Significantly, call OI at 24,000 and put OI at 23,500 & 23,000, suggesting a well-defined trading range that supports a short, strangled setup
Given the sharp rally in the last few days, Nifty is likely to take a breather and undergo a consolidative phase
A trendline breakout above 23100 was seen on Thursday, indicating a short-term reversal in the technical structure
Immediate resistance lies at 22750-22,800, a level that previously acted as support in Jan-Feb 2025, while support lies near 22,200-22,150
Consolidation Phase: After rebounding from recent lows, Nifty has been consolidating this week, preparing for the next leg up.
Currently, the market is lacking the momentum to break decisively above 22,800 or below 22,000. Nifty is likely to consolidate sideways within the same in the near term
Stock Market Today, Nifty Today: Immediate resistance for Nifty share price lies at 22,800, followed by 23,000
Nifty today: 21,800 likely to act as a key support while 22,500 remains the immediate barrier on the upside
Stock Market Today: The Nifty index is expected to trade within 22,000-23,000 range over the coming week
Nifty Today: 22,500 is a critical technical support level for Nifty share price
Market is likely to remain range-bound in the near term, adhering to the key Support & Resistance levels established over the past two weeks
Nifty50 is trading near the 22,800 support level, with the broader monthly range observed at 22,500 - 23,500
The key reference points for Nifty are: Support at 22,750 and Resistance at 23,800
Nifty Today: An overall improvement in market breadth over the last week suggests limited downside capped within 22900
Nifty Today: The 23,800 level aligns with key trendline resistance, temporarily halting the uptrend
Nifty Today: The immediate Support and Resistance levels for Nifty are: 22,900 and 23,700, respectively, as per Nifty 50 chart